Trickle Down Downer?

4 Jan

Legislation passed by the Senate on Tuesday night as part of the effort to avoid the dreaded “fiscal cliff” will limit the amount wealthy people can claim for charitable deductions on their taxes. The cap will apply only to individuals who make 250 thousand dollars or more and married couples making $300,000 or more, and It could save the government up to 50 billion dollars in tax breaks.

And now in response rich folks are apparently up in arms claiming that if they can’t deduct all of their charitable gifts they may not be so charitable in the future. Ari Fleischer, a former White House press secretary under President George W. Bush, tweeted: “This deal limits my deductions so I, & many others, will likely donate less in 2013.”

So why give if the giving can’t get you something good? That’s the exact opposite of what it means to be charitable isn’t it?

And According to Philanthropy News Digest, the new cap on tax deductions could potentially deter giving by anywhere from 0.4 percent to 2.3 percent –- up to $7 billion a year.

So 2013 may finally see revealed the answer to whether or not the trickle down theory of economics really is just economic theory or indeed economic fact.

Will the rich be truly generous enough to keep trickling on the poor…or will it all Depend?

14 Responses to “Trickle Down Downer?”

  1. John January 4, 2013 at 5:04 am #

    The problem with socialism is eventually the bank (tax payers) are drained. It’s an unsustainable system. Europe tried it, it failed. They are getting out of the socialist system, we are going into it! Mankind never learns… And look who just got re-elected? The farthest left president this nation has ever seen. End.

    • gpicone January 4, 2013 at 3:44 pm #

      Ok John you have to explain to me how he’s more left than Roosevelt or Johnson or even Nixon who created the EPA back when it actually looked out for the environment. I say that we are more capitalistic than ever. The banks and the rich have all of the capital! If they decide to move to Europe or wherever then they will get to take the money with them won’t they? That’s not socialist unless your society is a very small group. That’s what I think.

    • Jae January 4, 2013 at 4:53 pm #

      I agree with John. I saw immediate increases after Obamacare passed on my insurance, and I may less than the median income. It’s too cannibalistic for my tastes to expect stealing from the rich will sustain any kind of real growth. The best social program is a job, not more welfare, more freebies, more people on the government dole. If I were wealthy I’d be trying to hide my money offshore too from this bloated dollar-wasting government. We don’t have a revenue problem, we have a spending problem. Both the D’s and the R’s have flushed our wealth down the toilet and the banks play along with both parties to make sure when we all get screwed they get screwed less.

      • gpicone January 4, 2013 at 5:04 pm #

        But those increases on your insurance came from the insurance companies or from the corporation that supplies your ins. Obamacare hasn’t even kicked in yet! Stealing from the rich??? How much have the rich stolen from the rest of us? If we eliminated all of the poor on welfare it wouldn’t even make a dent in the 16 trillion dollars that was sent to the banks as welfare payments to the wealthy! I agree it’s government’s fault but blaming the poor or the jobless or those without healthcare will only help bad government continue to do what they’re already doing won’t it?

      • Jae January 4, 2013 at 5:21 pm #

        Because of new regulations signed into law. The Obamacare rate hike you speak of is yet to come. Can’t wait for that one… We are stealing from the rich. Tell me how it’s fair that if you are, say a writer, and you put your sweat, blood and tears into something for years, finally make it and let’s say you make $10 million, but Uncle Same only let’s you keep $5 million because we’ve got to build turtle tunnels and robot squirrels and pay for wars in Libya, drones in Yemen, keep Guantanamo Bay open despite promises to close it, etc. etc. etc. What right do they have to my labor? I’m not advocating for no taxes. I’m fine building roads, and supporting a military (that focuses on protecting the homeland at home), and I’m not so clueless as to say—despite it not being the Fed’s job—cut off the welfare recipients. We could still keep welfare and get this debt under control. I’m saying let’s trim down the government, get rid of departments we don’t need (most of them), keep the Fed out of most everything, leave it to the States, and quit immediately running with pitchforks for the rich because the real thief is Uncle Sam.

        I don’t ask for handouts, I don’t need handouts, I make my own way in the world. Yes, there are things that rich people have that I don’t, but that’s okay. America isn’t a guarantee that you’ll be rich, it’s just supposed to promise that opportunity—an opportunity big government thugs are vastly shrinking—both D’s and R’s.

  2. alesiablogs January 4, 2013 at 5:49 am #

    I am just hearing of the pork in this “new tax” on the rich. I need to look into it alittle further before commenting too much, but it does seem like an “awkward” statement for Ari to make when you know he has as well as many in his shoes a TON of money. Who are any of them kidding? I live on a Social Security Check and I am so grateful everyday for it. Time will tell how all this plays out. I have also heard many folks have decreased their hours in the medical field so that they do not have to pay more taxes. They were willing to work for the big bucks, but when the rubber met the road, no one wants to give money away. If all the medical professionals do this, I am wondering what will happen to our health care?

  3. jeangarrell January 4, 2013 at 1:19 pm #

    Reblogged this on njgarrell.

  4. Valarielovelight January 4, 2013 at 5:29 pm #

    We can pass the blame all around, all day long and it won’t change what we are facing. My only thought in refering to the post is this…if you’re giving to help and be a blessing because it’s in your heart, then it wouldn’t matter whether you can deduct it or not. For those who are are considering being less charitable, it’s a matter of their true character and heart that will be exposed.

    • gpicone January 4, 2013 at 8:55 pm #

      I agree and thanks for reading 🙂

  5. Help 4 Your Real Estate January 5, 2013 at 5:09 am #

    It is sad to think that anyone would only commit an act of kindness to be rewarded. As a Canadian I have witnessed the generosity of the American people in my travels around the world. It taints my positive impression a little, to think that this generosity was motivated by self gratification and not benevolence. I hope that we are reading comments made in the heat of the moment and that in reality,Americas generous spirit will be untainted.

  6. Ellen Picone January 5, 2013 at 12:47 pm #

    And they call themselves “the Christian right”….What happened to do unto others as you would have them do unto you? If you are hungry and cold, would you not want help to be comfortable and would you not remember who helped you and help them back? I guess only if you are not rich.

  7. theunspokentruth12 January 8, 2013 at 1:15 pm #

    Reblogged this on theunspokentruth12.

  8. elroyjones January 11, 2013 at 1:08 am #

    I make a percentage of a percentage of a percentage of a percentage of $250k. I donate to charities, small donations of course, but donations just the same. I NEVER get a receipt and I NEVER take a deduction. I give from my heart not for tax purposes.

  9. John S. Pierre January 23, 2013 at 10:59 pm #

    I ask the same question eight months ago… Somehow i felt naked or i was built with glass!!!

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